The issuer of stablecoin USDT, Tether, announced that it would make USDT available across 24,000 ATMs in Brazil on November 3, 2022.
According to the announcement, Tether partnered with Brazilian crypto services provider SmartPay which assisted in integrating USDT with the Brazilian payment system PiX and TecBan, the largest ATM provider in Brazil.
“Smartpay’s integration of USD₮ into its product will provide millions of people with the opportunity and access to the digital currency ecosystem and new financial revolution,” the announcement notes.
Brazilian ATM users will soon have the option to instantly convert their Reais into USDT and vice versa, as well as send their USDT anywhere in the world.
Users will be able to deposit Brazilian Reals at ATMs and get USDT in their wallets starting in February.
Paolo Ardoino, CTO of Tether, stated “Adding tether tokens to ATMs across Brazil provides the opportunity to include more people in the financial system. This will bring major changes not only to the payments industry but to the entire Brazilian financial ecosystem.”
In May, Tether dived into the Latin American market with the launch of Mexican Peso-Pegged MXN₮ stablecoin. MXN₮ served as a test bed for enrolling new users in Latin America, and pave the path for the release of other fiat-pegged currencies in the region.
Also Read: Tether Eliminates Commercial Paper from its Reserves
